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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 181 · 40 questions
TalentJR

Business tip (Revenue in, profit left): Sole trader: one owner, keeps all the profit, owes the debts, simplest to start. Company: a separate legal body, owned by shareholders, run by directors, owners’ risk limited. Revenue = price × number sold. Profit = revenue − costs, so costs = revenue − profit. Teens run a business with adult help; tax and legal questions go to an adult or an expert.

NameDateTime takenScore ___ / 40
  1. 1.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
  2. 2.True or false: “owner owes the debts” is true of a company. (a) True (b) False
  3. 3.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) run by directors
  4. 4.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
  5. 5.A small business sells 27 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
  6. 6.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
  7. 7.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) run by directors (d) a separate legal body
  8. 8.A small business sells 21 bags of popcorn at ₹50 each. Its costs are ₹280. What is its profit (in ₹)?
  9. 9.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
  10. 10.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) one owner runs it
  11. 11.A small business selling potted plants had a revenue of ₹540 and a profit of ₹90. What were its costs (in ₹)?
  12. 12.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
  13. 13.A small business selling handmade cards had a revenue of ₹1295 and a profit of ₹1255. What were its costs (in ₹)?
  14. 14.A small business selling clay diyas had a revenue of ₹1995 and a profit of ₹115. What were its costs (in ₹)?
  15. 15.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
  16. 16.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
  17. 17.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
  18. 18.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
  19. 19.A small business sells 39 friendship bands at ₹50 each. Its costs are ₹1620. What is its profit (in ₹)?
  20. 20.A small business sells 15 friendship bands at ₹30 each. Its costs are ₹70. What is its profit (in ₹)?
  21. 21.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
  22. 22.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
  23. 23.A small business sells 17 fruit cups at ₹50 each. What is its revenue (in ₹)?
  24. 24.A small business selling paper bookmarks had a revenue of ₹55 and a profit of ₹45. What were its costs (in ₹)?
  25. 25.A small business sells 22 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
  26. 26.A small business selling cups of lemonade had a revenue of ₹960 and a profit of ₹600. What were its costs (in ₹)?
  27. 27.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) one owner runs it (d) owner keeps all profit
  28. 28.A small business selling glasses of chai had a revenue of ₹280 and a profit of ₹160. What were its costs (in ₹)?
  29. 29.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) one owner runs it
  30. 30.A small business sells 43 clay diyas at ₹45 each. What is its revenue (in ₹)?
  31. 31.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
  32. 32.A small business selling friendship bands had a revenue of ₹285 and a profit of ₹155. What were its costs (in ₹)?
  33. 33.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
  34. 34.True or false: “run by directors” is true of a sole trader. (a) False (b) True
  35. 35.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
  36. 36.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
  37. 37.A small business sells 35 potted plants at ₹20 each. What is its revenue (in ₹)?
  38. 38.True or false: “simplest to start” is true of a company. (a) True (b) False
  39. 39.True or false: “owned by shareholders” is true of a company. (a) False (b) True
  40. 40.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) owner owes the debts

Answer key

  1. a company
  2. False
  3. owner owes the debts
  4. True
  5. 1215
  6. profit
  7. simplest to start
  8. 770
  9. revenue
  10. one owner runs it
  11. 450
  12. revenue
  13. 40
  14. 1880
  15. False
  16. a sole trader
  17. revenue
  18. profit
  19. 330
  20. 380
  21. a company
  22. True
  23. 850
  24. 10
  25. 110
  26. 360
  27. owners’ risk is limited
  28. 120
  29. a separate legal body
  30. 1935
  31. True
  32. 130
  33. only with adult help
  34. False
  35. profit
  36. False
  37. 700
  38. False
  39. True
  40. owned by shareholders

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